New York Markets After Hours

Norway faces potential oil shutdown as talks fail

FRANKFURT (MarketWatch) -- Norway, the world's fifth-largest oil exporter, could see a total oil-production shutdown as early as Tuesday after talks between striking offshore oil workers and the industry failed to produce an agreement, news reports said Monday. The strike is in its third week. Norway's oil companies are prepared to close down production if the government doesn't intervene by midnight, news reports said, citing the Norwegian oil industry association. The dispute centers on offshore workers' demand for the right to retire at 62 with a full pension, the BBC reported. Oil futures rose, with Nymex August crude
CLQ2, +0.18%
up 62 cents at $85.07 a barrel in electronic trade.

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